CorpRaider

Yeah, I thought the below video contained an interesting chart(s) showing the growth v value divergence using S&P Barra data. You have to wait until about 1:20 after he gets through bloviating about TSLA. http://video.cnbc.com/gallery/?video=3000609048&play=1

IUSV also doesn't even track that index anymore (it literally changed early this year), as I have said above. But both of the relevant indexes have been around a lot longer than 2000. Mohnish Pabrai has an ETF now too (JUNE). It combines buybacks, spin-off and cloning. I think buybacks is the largest portion (PKW can get that done for you). I don't like that it selects the largest positions among several great investors (as I understand it based on his talks), the largest positions have been shown statistically to underperform. Theory is they are the most appreciated, but we will see how it performs. OP the davis funds are just the mutual funds in a better tax wrapper and with a lower .6 ER. If you don't want to do one of the vanilla funds like the vanguards or iusv, take a look a close look at the guggenheim ones. They use S&P slices and weight according to cheapness based on three metrics, have pretty cheap expense ratios and relatively long track records. They also have high exposure to the value factor if you do regressions (with either Fama French or AQR data) and you can just look at the industry weightings to see they are really weighted to cheap stuff.

Didn't I mention all of these? Just FYI IUSV has changed indexes a couple of times since inception. Recently changed to S&P 900 Value which I prefer to the old MSCI index it was tracking which basically used book value. QVAL isn't a classic value index, but yeah odds are none of these beat IUSV or VOE or VBR, etc. I do think odd are that all of those beat SPY, based on historical performance and the reasons for that performance. PRF has beat S&P and VTI inception to date, last I checked. DTD is a little under but value has underperformed. I think it has lower volatility. I pretty much buy the arguments that those are basically weak value tilts with less "tracking error," but there is something compelling in the argument that they will dynamic balance into value when the price and fundamentals diverge a lot (value factor stocks are even more relatively cheap).

Yeah, I can't read him. I've started them all and finished none. Seems like a bunch of hypothesis with obscure classical references thrown in for totally unrelated bona fides. He's like Dennis Miller without any attempt at humor.

Yeah, but there are at least two books about Keynes the investor. I have a copy, haven't cracked it yet.

Not a lot of new material for most of you guys on here. Easy read though. He basically quotes and then discusses a point in a brief narrative and then pulls together relevant quotes. I find it nice to have a bound copy of the partnership letters. Its kind of like Cunningham's compilation of the BRK letters but moderately inferior to that work as I think Cunningham bring a little more substance to the party.

I own some QVAL too. Admittedly performance has been quite shitty inception to date; getting beat by pretty much every value strategy listed above, the market, etc. Portfolio visualizer regressions also seem to indicate it has more exposure to the AQR quality factor than value as defined by either AQR or French/Fama, but its still early I suppose. I really don't like that they took down their benchmark comparison to the russell 1000 value or whatever they used to have up there before it started smoking them. Also didn't like that the pumped out an article touting performance when they had a good quarter or whatever to start.

Qualitative? I don't know, but if you search around for ETFs and you will probably find many times we've discussed tons of related ETFs. Maybe MOAT or DHVW. I think they use qualitative/analyst estimates, which are generally inferior, according to the quants. The S&P ones below have an implicit qualitative factor because the S&P committee selects them and they have a quality screen of financial viability built in. Davis funds has launched some ETF versions of their old school mutual funds (DUSA and DWLD). I'm still not 100% sold alternative weighting adds to after tax and after fee returns versus a cheap value ETF like VOE, IUSV or VBR (but those etfs would be expected to have lower "tracking error"/better performance in a momentum/growth market due to the cap weighting). RPV, RFV, PRF, PRFZ, FNDB, DVP, QVAL, RSP, DTD, SYLD are pretty much all alternatively weighted; some of them have pretty long track records at this point. Also, remember growth has SMOKED value (as defined in the S&P Barra system) since the market bottom. So maybe the worst 10 year track record and lowest expense ratio is your dream date. Those are all US centric. Foreign ones are a little harder, but not impossible, to find.

Yeah it was Heebner's fund. Hey, is there anything new in this talk? Updated performance or is he just running through the pitch for his mutual funds? I'ma watch it for sure but just trying to prioritize.

Looking at the Reckitt foods group. HAH, I wish! ;D

It was down for me too.

Pretty sure Bogle hates ETFs. Not sure Buffett knows what one is...I kid, but really he has only talked about index funds not in an ETF wrapper, but I don't see how that will make any impact in the crash.

I will, I will. Coming up on a decade of beat down for some of them.

Something that is passive in that the investor thinks it represents a good statistical estimate/sample of the performance of the asset so that they don't have the opportunity for a performance gap by piling into the active strategy when it outperforms and bailing out when it lags (they just pile in and out of the asset class but have 1/2 as many temptations). They accept their plebeian fate and increase their chance of actually receiving patrician returns....om

Sorry the discussion of leverage made a synapse or two fire. One of you guys take over one of the small, shitty CEFs and invest in like VBR or VOE with 1.2i-sh leverage via preferred. Crush it for a decade (or until you get the multiple on par with that pimco levered index CEF) and do a yuge secondary.

Meb faber and those the investor's podcast guys are good sometimes. Sometimes you just listen to PP talk about how they are fundamental investors and then just talk about macro speculation and ray dalio the whole time.

MIB has some good interviews. But I must admit I've probably not listened in half a year. I think I got annoyed that I couldn't find it on stitcher and had to use the bloomber radio app. He does sometimes talk waaay too much. Kind of cringeworthy when he's beating Asness or Arnott about the head with that T3 law degree. ;D

thanks for the tips. Did you make the cut? Yeah I actually did get an allocation (just 2) but I'm trying to cancel because I actually got tickets through another channel too. This happened to me at the SEC championship cam-fest a few years back as well, but I got out of one set of tickets. Airfares are kind of ridiculous from Raleigh. I can fly to Europe for only slightly more...too many tarheels and gamecocks around, I suppose.

CCL, from 8 years old; held for like uh 30 years. I think it was maybe a 6 bagger.

I have a buddy who is a Villanova guy and he said tickets were not a hard get last year (and they had UNC and UK in the final four so it wasn't like it was small fanbases who don't travel). Primesport is a good site to check too, I think its the official NCAA marketplace and the fees might be lower.

Put in my request through the GCC!

Just saying, half the posts on the VRX threads and SHLD are about whether it is a zero. Markel probably has no where near the number of posts but is much more reflective of a consensus long. I just question whether selecting based on post count reflects positivity about investment outcome. I would be more interested in seeing figures for all posts, but really I'm not that interested. I definitely continually assert that VOE, RPV, VBR, etc... are likely to kick most of our asses over the long term.

In fairness, I would note that the last decade is one of the few in the history of (at least us returns) the stock market where value underperformed. Not sure what his benchmark should be but portfolio visualizer shows a (.16) cagr over the period from 01/01/2007 - 02/28/2017 for international developed ex-us value stocks.

Looks like Trump reflation trade made be petering out by the end of the week.

Yeah, I used to whoop Mr. Icahn's butt on this regularly back in maybe the 90's or early aughts. Biotech or athleisure consolidation was usually my game. Pretty sure I took nike over with new balance once or twice.